ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Sep. 30, 2025

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses at September 30, 2025 and June 30, 2025. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.


	Allowance for Credit Losses September 30, 2025
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	1,023	$	23,621	$	24,644
Nonresidential mortgage	—		18		—		7,672		7,690
Commercial business	—		14		84		1,620		1,718
Construction	—		—		—		1,339		1,339
One- to four-family residential mortgage	2		83		59		9,004		9,148
Home equity loans	—		—		3		416		419
Other consumer	—		—		—		102		102
Total loans	$	2	$	115	$	1,169	$	43,774	$	45,060


	Balance of Loans Receivable September 30, 2025
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	31,615	$	2,609,122	$	2,640,737
Nonresidential mortgage	230		1,238		5,502		981,999		988,969
Commercial business	—		791		1,139		140,374		142,304
Construction	—		5,735		—		183,891		189,626
One- to four-family residential mortgage	571		3,506		4,730		1,740,555		1,749,362
Home equity loans	10		—		288		53,818		54,116
Other consumer	—		—		—		2,487		2,487
Total loans	$	811	$	11,270	$	43,274	$	5,712,246	$	5,767,601
Unaccreted yield adjustments									(182)
Loans receivable, net of yield adjustments									$	5,767,419


	Allowance for Credit Losses June 30, 2025
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	1,377	$	23,529	$	24,906
Nonresidential mortgage	—		20		—		6,918		6,938
Commercial business	—		23		971		1,434		2,428
Construction	—		—		—		1,155		1,155
One- to four-family residential mortgage	34		87		60		9,999		10,180
Home equity loans	11		—		32		447		490
Other consumer	—		—		—		94		94
Total loans	$	45	$	130	$	2,440	$	43,576	$	46,191


	Balance of Loans Receivable June 30, 2025
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	30,857	$	2,678,797	$	2,709,654
Nonresidential mortgage	240		1,405		5,523		979,388		986,556
Commercial business	—		1,093		2,223		135,439		138,755
Construction	—		5,735		—		171,978		177,713
One- to four-family residential mortgage	614		3,551		5,936		1,738,490		1,748,591
Home equity loans	21		—		183		50,533		50,737
Other consumer	—		—		—		2,533		2,533
Total loans	$	875	$	11,784	$	44,722	$	5,757,158	$	5,814,539
Unaccreted yield adjustments									(1,602)
Loans receivable, net of yield adjustments									$	5,812,937

The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2025 and 2024.


	Changes in the Allowance for Credit Losses Three Months Ended September 30, 2025
	Balance at June 30, 2025		Charge-offs		Recoveries		Provision for (reversal of) credit losses		Balance at September 30, 2025
	(In Thousands)
Multi-family mortgage	$	24,906	$	(386)	$	—	$	124	$	24,644
Nonresidential mortgage	6,938		(5)		—		757		7,690
Commercial business	2,428		(636)		33		(107)		1,718
Construction	1,155		—		—		184		1,339
One- to four-family residential mortgage	10,180		(45)		—		(987)		9,148
Home equity loans	490		(10)		—		(61)		419
Other consumer	94		—		—		8		102
Total loans	$	46,191	$	(1,082)	$	33	$	(82)	$	45,060


	Changes in the Allowance for Credit Losses Three Months Ended September 30, 2024
	Balance at June 30, 2024		Charge-offs		Recoveries		Provision for (reversal of) credit losses		Balance at September 30, 2024
	(In Thousands)
Multi-family mortgage	$	24,125	$	—	$	—	$	243	$	24,368
Nonresidential mortgage	6,125		—		—		788		6,913
Commercial business	1,573		(127)		5		254		1,705
Construction	1,230		—		—		273		1,503
One- to four-family residential mortgage	11,461		(2)		—		(1,474)		9,985
Home equity loans	349		—		—		8		357
Other consumer	76		—		—		16		92
Total loans	$	44,939	$	(129)	$	5	$	108	$	44,923

The allowance for credit losses on loans decreased from $46.2 million at June 30, 2025 to $45.1 million as of September 30, 2025. The decrease was primarily due to a decrease in individually analyzed reserves on commercial and multi-family mortgage loans, resulting from net charge-offs. This decrease in allowance for credit losses also reflected largely offsetting impacts from qualitative risk factor adjustments across the different loan segments.

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
		2025		2024
		(In Thousands)
Balance at beginning of the period		$	1,129	$	796
Provision for credit losses		121		273
Balance at end of the period		$	1,250	$	1,069